Loyalty Program Adoption

You're the Product Manager at an established omnichannel fashion retailer. The company has had an online presence across web and app stores for several years. A quarter ago, it launched its loyalty program online.

The online loyalty program has seen very low adoption rates, primarily among returning users. However, among new users, it has met its adoption targets.

You've been tasked with investigating the reasons for the low penetration of the loyalty program among returning users.

What key data points will you need for this analysis? What are your top hypotheses that you plan to explore?